Hubungan Kualitas Corporate Governance terhadap Kinerja Lingkungan Perusahaan dengan Kinerja Pasar Perusahaan sebagai Variabel Pemoderasi
MARADIDYA, ALFISTIA (Pembimbing: Sony Warsono, Dr., MAFIS., Ak.), Sony Warsono, Dr., MAFIS., Ak.
Kinerja lingkungan semakin mendapat perhatian dari banyak perusahaan di seluruh dunia. Perusahaan dengan kinerja lingkungan baik akan memiliki keunggulan kompetitif dibandingkan perusahaan lainnya. Untuk mencapai kinerja lingkungan yang baik dibutuhkan peran dari corporate governance. Namun, hal ini belum banyak dipahami oleh perusahaan, khususnya di Indonesia, sehingga kinerja lingkungan dan corporate governance masih relatif sedikit diterapkan oleh perusahaan di Indonesia. Penelitian ini mencoba meneliti hubungan kualitas corporate governance terhadap kinerja lingkungan perusahaan dengan kinerja pasar perusahaan sebagai variabel moderasi.
Kinerja lingkungan perusahaan diproksikan ke dalam peringkat PROPER, sertifikasi ISO 14001, dan biaya lingkungan yang dikeluarkan oleh perusahaan. Sementara itu, kualitas corporate governance diproksikan ke dalam indeks hasil peratingan CGCG UGM. Penelitian ini menggunakan variabel kontrol berupa profitabilitas, ukuran perusahaan, dan tingkat leverage perusahaan yang masing-masing diproksikan dalam ROA, log natural of total assets value, dan debt to asset ratio, sedangkan variabel moderasi berupa kinerja pasar perusahaan yang diproksikan dengan TobinÂ’s Q ratio. Penelitian ini menggunakan sampel 30 perusahaan yang terdaftar di Bursa Efek Indonesia pada tahun 2005, 2007, dan 2009. Perusahaan juga harus memiliki peringkat PROPER atau sertifikat ISO 14001 atau mempublikasikan biaya lingkungannya.
Berdasarkan hasil analisis penelitian dengan regresi berganda dan regresi logistik, penelitian ini belum menemukan bukti bahwa kualitas corporate governance berhubungan positif terhadap kinerja lingkungan perusahaan. Kinerja pasar perusahaan juga belum mampu memoderasi kualitas corporate governance terhadap kinerja lingkungan perusahaan. Sementara itu, variabel kontrol yang digunakan dalam penelitian ini, ukuran perusahaan dan leverage berpengaruh terhadap kinerja lingkungan perusahaan. Namun, profitabilitas perusahaan tidak berpengaruh terhadap kinerja lingkungan perusahaan.
Environmental performance increasingly received attention from many companies around the world. Companies with good environmental performance will have a competitive advantage over other companies. To achieve good environmental performance required of the role of corporate governance. However, this has not been understood by many companies, particularly in Indonesia, so that environmental performance and corporate governance is still relatively little applied by companies in Indonesia. This study tried to examine the relationship quality of corporate governance on corporate environmental performance with the company's market performance as a moderating variable.
Corporate environmental performance was measured by PROPER, ISO 14001 certification, and environmental costs incurred by the company. Meanwhile, the quality of corporate governance was measured by index of rating model CGCG Gadjah Mada University. This study used control variables in the form of profitability, firm size, and the level of leverage of firms, each of which were measured by ROA, the natural log of total assets value, and debt to asset ratio, while the variable moderation of the market performance of companies was measured by Tobins Q ratio. This study used sample of 30 companies listed in Indonesia Stock Exchange in 2005, 2007, and 2009. The company also must have a PROPER rating or certificate of ISO 14001 or publicize its environmental costs.
Based on the results of the study with multiple regression analysis and logistic regression, this research has not found evidence that the quality of corporate governance are positively related to corporate environmental performance. Market performance of companies also have not been able to moderate the quality of corporate governance on corporate environmental performance. Meanwhile, the control variables used in this study, firm size and leverage effect on the companys environmental performance. However, corporate profitability has no effect on the companys environmental performance.
Kata Kunci : corporate governance, environmental performance, PROPER, ISO 14001, environmental costs, profitability, firm size, leverage, Tobins Q ratio, multiple regression, logistic regression, kinerja lingkungan, biaya lingkungan, profitabilitas, ukuran perusahaan,
